Fairline Gone Pop

[Alicatt]

Probably more appropriate if the first L in lull was changed to an H

As long as it does not end up like a Dutch lul

 

[westernman]

Sorry P but you are totally wrong , their first job is to run the company and seek a sale . But my question was to someone else who obviously has no answer.

This quote is from The Gazette (Official Public Record).

The overall purpose of administration is to achieve a better result for the company and its creditors than would be achieved if the company was simply wound-up. To achieve this, the administrator will consider several ways in which to proceed:

• They might recommend that the company enters into a company voluntary arrangement (CVA), which also protects the company from its creditors. Under this the company will make regular payments to the ‘supervisor’ of the CVA over a period of a few years, in order to produce some money which can be used as a payment to the creditors and in the meantime the company can continue to trade.
• Another option is to sell the company as a going concern, the business would then carry on. If the administrator believes the business cannot carry on, they can sell assets of the company to achieve the best possible price and then wind up the company.
• If the company has no saleable assets, then the administrator may decide that nothing can be achieved by continuing with the administration and the company may quickly be put into liquidation.

Excerpt from:-
https://www.thegazette.co.uk/all-notices/content/104038

I am not sure what a better result for the company means. I think that basically comes down to saying a better result for the shareholders in the company. I am pretty sure they are not thinking about the welfare of employees here.

 

[ylop]

Ok so you know how they work , I am looking to invest in Fairline as the Admin how will you convince me to get my wallet out.

Depending who owns what - an artist impression of 50 houses on the site and a reminder that the government is making planning easier for brownfield sites ;-)

This quote is from The Gazette (Official Public Record).


Excerpt from:-
https://www.thegazette.co.uk/all-notices/content/104038

I am not sure what a better result for the company means. I think that basically comes down to saying a better result for the shareholders in the company. I am pretty sure they are not thinking about the welfare of employees here.

Yes a better result simply means better than winding it up immediately.

 

[Refueler]

Going under - or losing market confidence ... could have impact on 2nd hand market .... driving prices down as people feel unsure of investing in a boat with lack of support ... but as boat ages - the lack of brand support is not so important ... letting those who can service / maintain - get a bargain ??

I can think of at least one brand that misread this and thought they could rebuild and be back on market with new .... took reality to kick in ... brand is no longer on market - but the 2nd hand boats out there actually still sell well ... at sensible prices.

 

[Bouba]

If we all got together and designed the perfect boat.....would it be perfect?......or look like a horse designed by a committee?

 

[Scolly]

First question is, what do administrators know about building boats.

About as much as the private equity muppets that have screwed up more decent companies than you can shake a stick at

 

[Greg2]

Going under - or losing market confidence ... could have impact on 2nd hand market .... driving prices down as people feel unsure of investing in a boat with lack of support ... but as boat ages - the lack of brand support is not so important ... letting those who can service / maintain - get a bargain ??

I can think of at least one brand that misread this and thought they could rebuild and be back on market with new .... took reality to kick in ... brand is no longer on market - but the 2nd hand boats out there actually still sell well ... at sensible prices.

I am not sure that a boat builder going bust will impact upon the price of used boats other than perhaps very nearly new models. In the absence of anything to suggest that there is anything wrong with the build (mouldings, cabinetry, electrical wiring, stainless fabrication etc) or installations boats are a collection of parts from other suppliers and they are the bits that are more likely to go wrong. With this in mind does there come a point, perhaps quite quickly once outside what would have been the builders warranty period, where the existence of the original builder is largely irrelevant?

I remember when Brooms went out of business as far as building was concerned and there was no discernible impact upon used prices and their boats remained (and still are) in demand.
.

 

[Fr J Hackett]

I am not sure that a boat builder going bust will impact upon the price of used boats other than perhaps very nearly new models. In the absence of anything to suggest that there is anything wrong with the build (mouldings, cabinetry, electrical wiring, stainless fabrication etc) or installations boats are a collection of parts from other suppliers and they are the bits that are more likely to go wrong. With this in mind does there come a point, perhaps quite quickly once outside what would have been the builders warranty period, where the existence of the original builder is largely irrelevant?

I remember when Brooms went out of business as far as building was concerned there was no discernible impact upon used prices and their boats remained (and still are) in demand.
.

Have a look at Discovery yachts on sale and how long they have been on the market.

 

[Grubble]

Take it u r a raggie.

How dare you suggest that I am so tight I won't even spend good money to make my boat move. I am in the exploding soap dish and melt-in-contact-with-the-water devil's egg whisks camp.

 

[oldgit]

Any boat sale ,new or secondhand , frequently relies on an existing boat being sold further down the food chain.


Outboards are replacing outdrives, hardtops are replacing tent boats.

Am I correct in thinking that Fairline's woes are to do with an overreliance on a model line up that only included petrol powered outdrive driven soap dishes, complete with leaky canvas tent tops festooned with nail breakingly infuriating poppers designed to drive you mad and even on the boats with the type of flybridge that all right thinking boating enthusiasts would buy, ruined by vertigo inducing ladders?

Have I missed anything?

Fortunately somebody clocked on to the fact that outboards and hardtops were the way forward.
Does anybody serious still build anything over 8m with O******s and "Camping International " covers ?
Ladders also seem in short supply these days on modern flybridges.

 

[Refueler]

I am not sure that a boat builder going bust will impact upon the price of used boats other than perhaps very nearly new models. In the absence of anything to suggest that there is anything wrong with the build (mouldings, cabinetry, electrical wiring, stainless fabrication etc) or installations boats are a collection of parts from other suppliers and they are the bits that are more likely to go wrong. With this in mind does there come a point, perhaps quite quickly once outside what would have been the builders warranty period, where the existence of the original builder is largely irrelevant?

I remember when Brooms went out of business as far as building was concerned and there was no discernible impact upon used prices and their boats remained (and still are) in demand.
.

If you read my post - it covered both possibilities ... the lack of for a relatively new boat that may need brand support ... and then went on to mention about boats that still had reasonable 2nd hand values.

The point mixed in there - should have separated it better ... is that there have been 'brands' that mistook a healthy 2nd hand market to mean they could resume new builds - expecting buyers to be there ... usually did not happen and again brand goes down.

 

[potentillaCO32]

Sorry P but you are totally wrong , their first job is to run the company and seek a sale . But my question was to someone else who obviously has no answer.

You are wrong. The prime duty of care of administrator is to the creditors. That may achieve a better result for them, through running the company and selling it or it might not. It privides temporary shelter to allow the administrators time to work out what is best for the creditors. The terms of reference of administration are here.

https://www.thegazette.co.uk/all-notices/content/104038

 

[Greg2]

If you read my post - it covered both possibilities ... the lack of for a relatively new boat that may need brand support ... and then went on to mention about boats that still had reasonable 2nd hand values.

The point mixed in there - should have separated it better ... is that there have been 'brands' that mistook a healthy 2nd hand market to mean they could resume new builds - expecting buyers to be there ... usually did not happen and again brand goes down.

Ah yes, re-read your post and see what you meant
.

 

[potentillaCO32]

This quote is from The Gazette (Official Public Record).


Excerpt from:-
https://www.thegazette.co.uk/all-notices/content/104038

I am not sure what a better result for the company means. I think that basically comes down to saying a better result for the shareholders in the company. I am pretty sure they are not thinking about the welfare of employees here.

Thanks westernman, our posts cross. If you read all of it is makes clear that the primary purpose is to obtain best result for the creditors and that the administrator reports to the creditors.

A quote from the key part::

"the duties of an administrator?​

During the time that the administrator is in charge they will have control over the company. They can cancel or renegotiate contracts, they can make employees redundant, they have a very wide range of powers but those must be used for the benefit of the creditors as a whole.

They should also review their position every 6 months and report to the creditors. This keeps the creditors involved in what is happening and gives them the opportunity to ask for further information if they have any concerns."

 

[PalmaTarga]

This is what Boats.co.uk had to say on the matter

A Bump in the Road, but Smooth Sailing Ahead! - Boats.co.uk

 

[Seastoke]

Thanks westernman, our posts cross. If you read all of it is makes clear that the primary purpose is to obtain best result for the creditors and that the administrator reports to the creditors.

A quote from the key part::

"the duties of an administrator?​

During the time that the administrator is in charge they will have control over the company. They can cancel or renegotiate contracts, they can make employees redundant, they have a very wide range of powers but those must be used for the benefit of the creditors as a whole.

They should also review their position every 6 months and report to the creditors. This keeps the creditors involved in what is happening and gives them the opportunity to ask for further information if they have any concerns."

I disagree , the government state their first obligation is to try and find a buyer, where are you quoting from. Read Gov.uk

 

[westernman]

I disagree , the government state their first obligation is to try and find a buyer, where are you quoting from. Read Gov.uk

Please post the link. It is unusual for the Official Public Record to not say the same thing as gov.uk.
It is after all published by TSO (The Stationery Office) under the superintendence of His Majesty's Stationery Office (HMSO).

 

[Portofino]

This is what Boats.co.uk had to say on the matter

A Bump in the Road, but Smooth Sailing Ahead! - Boats.co.uk

That would wash at the end of Gov change cycle , but not at the beginning of this lot in Downing Street .
But with 4-41/2 yrs to run …..
As said the U.K. buyer profiles are hurting from the economic outlook pretty much like S/Sker except FL has a significant % far greater of U.K. entrepreneurs, and can’t afford to loose , shorten its pipeline. The pipe line of deposits/ orders makes the cash flow and that’s rapidly drying up .If not already gone hence receivership .

Any prospect will see the order book and cash in the bank , and future outgoings .

As said by others ^ any 1/2 arsed supplier by now will have cash on del ( paid before dispatch) so there’s no room for more credit generated .

This time it’s terminal as sufficient U.K. buyers have cold feet on the “ shall we buy another, spend £M s on a another boat “ simultaneous while trying to run a business in the U.K. ….wondering what’s coming next tax wise .

 

[potentillaCO32]

I disagree , the government state their first obligation is to try and find a buyer, where are you quoting from. Read Gov.uk

Quoting frim gov.uk. i have worked with administrators in several occasions including the insolvancy of a bank.

 

[Seastoke]

I don’t do links . I am thick.